Ingesport
Country: Spain
Region: Comunidad de Madrid
Investors: Corpfin Capital
In May 2009, after a two-year period analysing opportunities, Corpfin Capital invested in Ingesport and assisted the management team with an expansion plan to build a portfolio of major sports facilities based on concessions under the Go Fit brand, with a unique quality-price proposal. Since then, the company exceeded expectations, growing from 0 to 18 sports centres.
Ingesport successfully developed an exclusive business model and became a leader in the Spain, as well as entering the Portuguese market. From what was a small business with revenue of €2m and with 6 employees in 2009, it grew to become a market leader with a turnover of €40m and over 640 employees in 2015. In early 2016, Corpfin sold Ingesport to Torreal and Mutua Madrileña, achieving an outstanding return for its investors.
Gabriel Sáez
CEO - Ingesport
The financial support of Corpfin has been critical in the development of our expansion plan, but above all, we value their strategic vision and management support.
18
new sites opened
54.2%
annual employment growth 2009-15
What did the business need?
Capital for expansion
Strategic guidance
Support for fast growth through opening new sport centres, including outside its domestic Spanish market
Strong financial discipline
How did private equity backing create lasting value?
Identified highly favourable concession model, ongoing support for management in its execution
From a team of two, created a full blown management team and a complete corporate governance structure
Launched Go Fit brand, based on a strong value-for-money proposition
Imposed financial discipline, particularly for new openings or acquisitions
Developed an international expansion plan
What outcomes did private equity investment achieve?
Expanded from just one to 18 owned sites all over Spain in six years, with new sites planned
Established new presence in Portugal, with planned entry to other markets
Increased employee numbers from 46 to 640 between 2009 and 2015
Grown member numbers from 9,573 to 144,625 between 2009 and 2015
The concession-based model granted by municipalities has also expanded into agreements with other types of entity, such as religious orders
Investors
